The financial markets decided that UK economic policy had to change, for they would not finance the increased borrowing Liz Truss's Government proposed at any acceptable interest rate. The hold that the bond markets had over everybody was that if governments or companies needed to borrow they had to do what the markets wanted, or they would not stump up. The bond markets have got their power back. For many people the fact that these anonymous things, the markets, are so powerful will be troubling. But I feel more comfortable financial discipline is being reimposed by the heavy-hitters of the global bond markets.

Source: Daily Mail October 16, 2022 00:31 UTC